Mattress brand Duroflex attracts $60-M from Norwest; Lighthouse exits

Bangalore- and Alleppey-based mattress maker Duroflex has raised USD 60 million from Norwest Venture Partners. Avendus Capital acted as the exclusive financial advisor to Duroflex on this transaction. Duroflex operates under two main brands - Duroflex and Sleepyhead. A large omnichannel player in the mattress category, 33% of the firm's revenues come from e-commerce. Duroflex is also a strong B2B player with clients such as Ikea and Stanley. It is now pursuing export opportunities. Launched in 2017 to cater to the growing demand for mattresses online, Sleepyhead is expanding into other categories. Mid-market PE investor Lighthouse, which had raised USD 22 million in Duroflex in 2018, has exited through the latest transaction, after helping the company grow 3x since the investment.